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Employer interest in financial wellness is one of the key focus areas for benefits program, in part to maintain high engagement and employee retention. Research from PwC found that financially stressed employees are likely to be less engaged and productive, and that they are twice as likely to look for a new job.
Recent data shows that more workers are struggling financially. Credit card debt has reached a sky-high $1.13 trillion while 401(k) hardship withdrawals recently hit an all-time high. In fact, 56% of Americans cannot afford a $1,000 emergency expense without having to secure a loan or tap into money through high-interest credit card debt.
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